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The April 15 ballot proposed important financing measures.
The April 15 ballot proposed important financing measures.
Use the calculators below to explore the estimated tax impact of each proposal based on your assessed property value.
ANNUAL OPERATING BUDGET
ANNUAL OPERATING BUDGET
According to preliminary results, Westfield voters approved an additional spending proposal for the annual operating budget to continue existing programs and initiatives for the 2025-2026 academic year. This one-year spending plan is different from the longer-term bond funding.
LONG TERM BONDS
LONG TERM BONDS
Large-scale, long-term building needs can’t be met within the annual operating budget. Voters also approved bond funding for large-scale school building improvements and for Full Day Kindergarten. With permission from voters, WPS would sell bonds and use property taxes combined with state debt service aid to pay them back over time.
Tax Impact Estimator:
Tax Impact Estimator:
Operating Budget
Operating Budget
How to use the Assessed Value Lookup
How to use the Assessed Value Lookup
Tax Impact Estimator:
Bond Referendum
Tax Impact Estimator:
Bond Referendum
Important to know
Bond funding comes with the advantage of debt service aid. The State of New Jersey offers this program to public school districts that use bond funding for capital improvements. The percentage of aid varies by type of project and other factors. Districts receive financial aid each year through the life of the bonds, as if the state is helping to make payments on a loan. State debt service aid is a critical advantage, making this the most economical way to fund improvements such as HVAC upgrades and restroom renovations.
Westfield residents already pay into the program that provides this state aid and can bring it home through a bond referendum approved by voters.
State debt service aid is not available for projects funded through the annual operating budget.
WPS could sell bonds only up to the amount approved by voters, and those funds can only be used for the projects described by the ballot's bond questions.
If actual costs are lower, any funds that are not spent must be used to reduce property taxes. Those funds cannot be used for operating costs such as staffing and supplies.
Bonds can be refinanced if interest rates fall, much like a home mortgage can.
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